Research finds less than 64% of expats consider buying a property in UAE

Research finds less than 64% of expats consider buying a property in UAE

According to compareit4me.com, a 2016 study led by the comparison site found that two thirds of expats would consider purchasing a land property in the Emirates, compared to only 46% of those asked a year ago.

The study propose that expats are wanting to stay in the UAE for lengthier time, as indicated by Jon Richards, CEO of compareit4me.com.

“In March 2015, all the leading newsprints were stating that more than half of expats in the UAE were thinking about leaving because of the high price for commodities and house rental,” he clarified.

Richards added that only one year later, they are glad to report that there is an increase on the quantity of individuals who are have intentions on purchasing property. It appears mentalities are changing, and fears and insecurities about what’s to come are uplifted.

Over half (54%) of respondents to a year ago’s review said that property costs spoke to their primary financial outgoing.

The 10% to 13% fall in property costs that occurred in 2015 – combined with a further expected drop of 10% this year – are the major contributing components to the clear change in heart among expats, as indicated by Richards and his partners.

“There is most likely the adjustment in the property market, which is thought to be a knock-on impact of low petroleum costs and the consequent strong point of the US dollar, must affect individuals’ long term goals,” he noted.

“Moreover, with the fresh developments – both industrially as far as business opportunities, and physically with ventures like the imposing Dubai Canal – staying and focusing on life in the UAE is turning out to be much a greater alluring alternative.

“For expats, it’s about planning and timing; picking the correct time to arrive and the appropriate time leave. The previous drop in lodging costs has clearly expelled a major weight from individuals’ minds and made settling here a more feasible alternative,” Richards finished up.